Gold’s moment of truth - Again
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Last week we titled our commentary, “The moment of truth.” Today gold and silver are at the key level once again. The metals will hold support here or breakdown; it’s that simple.
The key levels to watch are $1,495 gold and $17.30 silver. That doesn’t mean we immediately sell at these levels; however, a close below would indicate a possible pattern and trend change. There is danger of a breakdown here but as always, patience to wait for the footprint is the key to success.
There are many reasons the metals could be breaking down but there is only one we care about: the price action. Since reaching their highs in early September gold and silver have struggled. With the current price action and the levels, there could be a reversal as early as tomorrow. We will know after the close today.